[mattduke]

Traders said the intervention by the ECB was small – in the tens of millions of euros but the report by Barclays Capital still prompted the International Monetary Fund to state it did not envision that Ireland would need financial assistance.

The Irish government will test investor sentiment on Tuesday with an auction of four-year and eight-year bonds that bankers warn could see the country having to pay high yields to attract demand.

Domenico Crapanzano, head of euro rates trading at Jefferies, said: “There are just no buyers out there for Ireland because of worries over its banks and economy. Ireland and also Portugal are very much the worry for investors.”

In a masterpiece of central banking, the ECB emits more counterfeit.
http://www.ft.com/cms/s/0/c20be1b0-c283 ... ab49a.html

[Sixstrings]

In a masterpiece of central banking, the ECB emits more counterfeit.

Nah, I'm sure Irish bonds are just a really good investment.

[Sixstrings]

Analysis from Zerohedge:

Another sovereign bankruptcy, another stick save by the ECB. The FT has confirmed Friday's rumors that it was just the ECB's intervention that prevented domino number two - Ireland - from toppling, and taking with it all of Europe. "The European Central Bank intervened to stabilise the Irish bond markets on Friday after a report by a leading UK bank triggered investor fears that the country might turn to the international community for a multibillion-euro bail-out."

As readers will recall, the half a percent spike in Irish bond yields was precipitated by a Barclays report that the IMF would be needed to rescue the Emerald Isle, coupled with confirmation that the Irish government was negotiating with AIB bondholders about an imminent bankruptcy. At least now it is doubtless that domino #2 is now on a ventilator, in the critical condition ward, and should Doctor ECB's attention be diverted elsewhere, say to quell riotous mutiny in Greece, that the house of cards will finally fall.
http://www.zerohedge.com/article/ecb-stepped-rescue-ireland

By the way, shouldn't this thread be in Economics?

As for what Zerohedge had to say, I don't know what would prevent the ECB from rescuing several central banks at once -- when you're just printing money, the only thing that can stop you is total collapse due to hyperinflation.

[dolanbaker]

I suspest that banksters in many western countries are desperate to kick off hyperinflation to "bury" the debts.

[dorlomin]

Stupid Irish killing each other over religion and nationality.

Who was killed in this latest outburst? Why do you think the people are stupid? Or even think of themselves as Irish?

[Pretorian]

Why do you think the people are stupid?

isn't it, kind of, a common knowledge?

[dolanbaker]

Second night of riots in Northern Ireland

It's the run up to the "marching season" it happens every year, this year appears to be worse than usual though.
Its as much to do with the success of the Anglo-Irish agreement and better co-operation between north & south, the extremist loylists groups are desperate for it to fail.

People I know from "Norn Irn" are telling me this is more about powerstruggles inside the UVF and some investigations getting close to UVF big wigs. All my sources though are left footers so may have an axe to grind.

Yeah! There's nothing like a riot to de-rail a police investigation into organised crime.
It's happened os many times in the past.

[dolanbaker]

Irish oil consumption continues its downward slide!
http://omrpublic.iea.org/demand/ir_tp_ov.pdf

It's now down to about 140k (barrels) a day, at the peak in 2007 it was nearer 230k a day.
Much of the decline can be linked to the collapse in the construction industry.

[radon]

It's now down to about 140k (barrels) a day, at the peak in 2007 it was nearer 230k a day.

How interesting. This is really a lot. Within 5 years consumption has fallen some 40% and apparently nothing like uber-doom collapse happened. One may wonder whether the entire world could manage something like that, or how much fat is there to be cut reasonably painlessly. And not forget the prices at the pump with that kind of the worldwide consumption reduction.

[dolanbaker]

It's now down to about 140k (barrels) a day, at the peak in 2007 it was nearer 230k a day.

How interesting. This is really a lot. Within 5 years consumption has fallen some 40% and apparently nothing like uber-doom collapse happened. One may wonder whether the entire world could manage something like that, or how much fat is there to be cut reasonably painlessly. And not forget the prices at the pump with that kind of the worldwide consumption reduction.

With the exception of the construction industry that has contracted by more than 50% (don't have the figures to hand), making concrete is very energy intensive as is digging foundations and driving builders and materials everywhere.

Another factor was the (better late than ever) motorway network construction, that alone saved a fortune in fuel costs for motorists. for example a trip from Galway to Dublin used to take 4 and half hours, is now down to 2 and a half, a constant speed of 120kmh uses considerably less fuel than one with variable, foot stomping (to overtake) & some stop-start driving.

[Roryrules]

It's now down to about 140k (barrels) a day, at the peak in 2007 it was nearer 230k a day.

How interesting. This is really a lot. Within 5 years consumption has fallen some 40% and apparently nothing like uber-doom collapse happened. One may wonder whether the entire world could manage something like that, or how much fat is there to be cut reasonably painlessly. And not forget the prices at the pump with that kind of the worldwide consumption reduction.

That is an awful lot, but I doubt it could be replicated on a Global level. Back in 2007 the Irish economy was at the height of a truly massive boom, so when the downturn came there was loads of fat that could be fairly painlessly trimmed. Such an enormously wealthy country had plenty of discretionary oil consumption; that is, it was using loads of oil for stuff that wasn't really essential.

I'm not sure true for much of the rest of the world, especially in poorer countries with only very low levels of per capita oil consumption.

[dolanbaker]

It's now down to about 140k (barrels) a day, at the peak in 2007 it was nearer 230k a day.

How interesting. This is really a lot. Within 5 years consumption has fallen some 40% and apparently nothing like uber-doom collapse happened. One may wonder whether the entire world could manage something like that, or how much fat is there to be cut reasonably painlessly. And not forget the prices at the pump with that kind of the worldwide consumption reduction.

That is an awful lot, but I doubt it could be replicated on a Global level. Back in 2007 the Irish economy was at the height of a truly massive boom, so when the downturn came there was loads of fat that could be fairly painlessly trimmed. Such an enormously wealthy country had plenty of discretionary oil consumption; that is, it was using loads of oil for stuff that wasn't really essential.

I'm not sure true for much of the rest of the world, especially in poorer countries with only very low levels of per capita oil consumption.

Yes, that would be a fair assessment of Ireland, but the wealth was an illusion!
Because Ireland was in the Euro, German banks found new sources of potential growth and loaned vast quantities of German savers money in various European countries (PIIGS) with the expectation that the kick-started growth would allow the loans to be repaid or reinvested to provide even more growth. Some Irish speculators just went mad and over-borrowed and built thousands of houses in places that didn't need houses and the rest is history.

[radon]

But then if you consider construction activities in the US, and in places like Spain, elsewhere in the Mediterranean and further on. In China, the construction boom is still ongoing. All those ghost cities. Fossil fuels converted into concrete. Even a 10% reduction in worldwide oil consumption, if quick enough, should result in oil glut and oil prices plummeting, even if temporarily.

[dolanbaker]

I think that the construction boom in the Mediterranean countries has already stopped, (they're all PIGS).
In China, the plan to urbanise the population is still in full swing and is mainly coal powered. People will be eventually "relocated" into those cities with the promise of a "western lifestyle" to replace their current subsistence farming lives.

So therefore, little change of any major declines in global consumption of oil from a construction slow-down.

[dolanbaker]

Back OT, About 50% have refused to pay the new property tax by the 31 March deadline, there is widespread belief that the money will be used to bailout the banksters.

http://www.rte.ie/news/2012/0402/household-charge.html

As of this afternoon a total of 829,312 people had registered to pay the charge, including waiver applicants. That is an increase of 25,000 on Saturday's figure.

628,460 people have paid online and 106,000 have paid by post.

There were 12,677 waiver applications, and 82,175 had paid with their local authority.

However, no campaigners continue to dispute a figure of 1.6m households being eligible, claiming it is closer to 1.8m.

By their calculation, they say that less than half have paid and insist that it has failed.

[dolanbaker]

http://youtu.be/NHjLO_cw5iE

Punk Economics 4: Irish Referendum Preview

[dolanbaker]

Irish oil consumption is now approaching 60% of its peak consumption only five years ago!

http://omrpublic.iea.org/demand/ir_tp_ov.pdf

Construction, one of the biggest consumers is still in decline, activity in the construction sector is about 10-15% of its peak value. With the exception of construction, the Irish economy is holding up quite well (when compared to Greece)

[Plantagenet]

I'm travelling in Ireland ---- Dublin Waterford cork blarney cogh dingle limerick Galway visited so far.

The economy seems quite good here now, at least as seen from the drivers seat of a rental VW Up! Minicar. Restaurants youth hostels aNd B&Bs mostly full of tourists and locals. Almost no street people or beggers to be seen --- a huge contrast with, say, Spain.

Ireland seems mostly recovered from the 2009 economic crisis. Gasoline is pretty cheap for the EU---about six euros per gallon. Time to have a Guinness, mates. Job well done

[dolanbaker]

Relative to Spain & Greece, Ireland didn't really "collapse" as such, but the construction industry did!
Most of the jobs lost were either in the building industry or services dependent on it, all the way down to cafés near abandoned building sites. Most people have less money than they did a decade ago but are not impoverished as such. House prices dropped by 50% or more from the peak in 2007 and in many areas are rising again, particularly in the cities like Dublin. Assuming that you are doing a circular tour of Ireland, you'll be heading towards Sligo now this is the area that you are most likely to see the "ghost estates" unfinished housing estates & finished houses that are left empty.

[Plantagenet]

Thanks Dolan. Aran Islands today, then maybe Sligo tomorrow. I was wondering where the ghost estates and empty businesses were? You're right---I don't see much construction. There is quite a bit of road work and in Dublin trinity college and other government bldgs were getting major reconstruction but that's about it. Still things seem quite stabile and prosperous so far